Six apartments and a retail space could be coming into the former La Salle Maytag Building.
The La Salle City Council approved an ordinance authorizing a Tax Increment Financing District (TIF) to allow Glenstone Redevelopment and Nathan Watson to redevelop the property during Monday’s meeting.
Watson purchased the property from his former employer, CL Real Estate Development, which had planned to turn it into apartments and a brewpub. He began discussing the purchase with the seller’s listing brokers last year and entered a contract in December.
“The former Maytag Building at Joliet and First Streets is a great location for retail and downtown living,” Watson said. “A substantial amount of work has already been completed by the prior ownership, and I am very grateful to have the opportunity to take over and complete the project.”
Watson plans to redevelop the second floor into six large one-bedroom apartments, which he expects will be the first area completed.
“What sets the apartments apart will be the interior amenities, dedicated off-street parking spaces, access to downtown La Salle’s vibrant retail and restaurant scene, and several units will have balconies overlooking downtown,” he said.
Watson expects to pre-lease the apartments late summer through fall.
The first-floor retail space spans 7,250 square feet and can be leased to one large tenant or divided into several spaces.
“As the project gets closer to construction start, we will entertain interested tenants,” Watson said. “The goal is to develop a good mix of unique, high-quality tenants that attract more people to the area. The corner location, in particular, is well-suited to a food and beverage tenant, with potential for a corner patio and sidewalk dining.”
Watson anticipates the renovation will be completed in six to nine months after closing, depending on the closing date.
The project has a cost of approximately $1.5 million.
Watson previously proposed a redevelopment project at the former La Salle Public Works Building at 500 2nd St. in June, which included a coffee shop, sales office and climate-controlled self-storage unit.